Ann: Appendix 4C, page-40

For this type of company at the point where it is... that is, it has the approvals required in place, was not seeking money for highly uncertain clinical trials/proof of concept but money to get boots on the ground and build up inventory needed to sell. I have to disagree and think retail holders can make a meaningful contribution to funding.

Just look at PNV. Raised 7 million in a placement and 16 million in a SPP. A couple of months later the sp has doubled. Although they are obviously selling a different product but they are roughly at the same stage and looking to ramp up sales.

If they are raising for clinical trials etc fair enough, leave the retail holders out. Too much uncertainty there. But not when you are just gearing up for sales.